NY A10124

Changes the eligibility date for variable supplements fund (VSF) benefits from July 1, 1987 to October 1, 1968 for retired housing police and transit police officers with 20 or more years of service in the New York City Employees' Retirement System.

Extends VSF eligibility to approximately 216 additional housing police and 535 additional transit police service retirees who retired between October 1, 1968 and June 30, 1987.

Increases the actuarial present value of VSF benefits by approximately $71.3 million as of June 30, 2013, resulting in an estimated $18.0 million annual increase in employer costs to NYCERS for five years.

VSF payments of $12,000 annually (as of 2014) would be paid to eligible retirees on or about December 15th each year for their lifetimes, beginning the first December 15th following enactment.

Takes effect immediately upon enactment, with increased employer contributions to begin no later than Fiscal Year 2016 if enacted before June 30, 2014.